Dubai-based technology startup Alfii has announced an upfront funding of $2.5 million to expand its team and further expand its FinTech-based HR automation platform.

The round was led by Preface Ventures, a venture capital firm focused on US-based infrastructure companies. Kayan Ventures, UAE-based Aditum Ventures and Wayfinders, and a number of local and regional angel investors participated in the round.

Alfii will use this funding to further develop and enhance its FinTech-based software platform. In the short term, a revolutionary payroll that gives customers a smarter and faster way to manage payroll and payroll, greatly simplifying what would otherwise be a tedious and time-consuming process for HR leaders. We will continue to focus on building out our feature suite.

“We are looking to build the next generation of this product class, and we are building it entirely in-house, which means we need to bring on world-class talent to grow our business and better serve our customers,”

Yousef Albarqawi, alfii’s CEO and Co-founder.

Alfii’s advances are part of a larger trend in the SaaS world, adapting tools originally offered to the enterprise, making them accessible and suitable for small businesses and start-ups. However, especially when it comes to HR software, there are many weaknesses to be overcome by existing solutions in the MENA region.

“Data interoperability is an industry-wide challenge in the HR stack, but in developing regions like MENA, those challenges are further exacerbated by local and regulatory infrastructure,”

“With alfii’s all-in-one software suite, companies will be able to understand better and manage their human capital resources while improving the user experience for employees with features like digital-to-cash remittances, benefits selection, and more.”

Farooq Abbasi, General Partner of Preface Ventures.